Harmony Gold Mining Company (HMY) Gets Initiated With a Market Perform Rating at BMO Capital

Harmony Gold Mining Company Limited (NYSE:HMY) is one of the most profitable gold stocks to buy right now. On July 17, BMO Capital analyst Raj Ray initiated coverage of Harmony Gold Mining Company Limited (NYSE:HMY) with a Market Perform rating and a $16 price target.

Harmony Gold (HMY) Gets Price Target Upgrade, Jumps 7.5%

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

The analyst told investors in a research note that Harmony Gold Mining Company Limited (NYSE:HMY) is a South African senior gold producer experiencing geographical diversification and increasing copper exposure.

While the firm stated that it likes Harmony Gold Mining Company Limited’s (NYSE:HMY) operational setup, it also believes that the stock’s valuation is now broadly in line with the peer average.

Harmony Gold Mining Company Limited (NYSE:HMY) mines and explores gold and is involved in sales and financial management, building mines, open-pit operations, land rehabilitation, and mine closure.

The company’s operations are divided into the following segments: Tshepong Operations, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, Unisel, Mponeng, Mine Waste Solutions, and Hidden Valley.

While we acknowledge the potential of HMY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HMY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.